Oil and gas CFOs concerned about getting credit

We in Texas know how fickle the oil and gas industry can be. And 2009 could be a rough year.

Fifty-seven percent of the chief financial officers of the nation’s oil and gas exploration companies told BDO Seidman, an accounting and consulting firm, that “credit capacity restraints, including access to capital” will be their biggest challenge next year.

After that, they’re most worried about falling oil or natural gas prices. And about three-fourths of them expect the recession to affect their ability to borrow money or extend bank debt in 2009.

In the past 12 months, only 26 percent of respondents had oil or gas exploration projects significantly delayed or terminated. Among those who did, 80 percent stated “lack of capital to fund project” as a reason.